Cuenca real estate prices are the highest in Ecuador as the condo construction boom continues

Already the highest in Ecuador, Cuenca real estate prices continue to climb as a result of high demand. According to data compiled by real estate market analyst Pablo Muñoz, the price of 80% of properties sold in the city range from $1,427 to $1,713 per square meter.

According to real estate brokers, 120 large condominium projects are currently under construction in Cuenca.

“These numbers represent a 17% increase over 2025 and they are heading higher,” says Muñoz, a consultant to the Ecuador Association of Real Estate Brokers. “Prices in Cuenca are about $125 per meter higher than in Quito, the country’s second most expensive market.”

The majority of sales in the city are in the $100,000 $150,000 range, according to the association data.

Muñoz says that more than 65% of sales in Cuenca are condominiums with more than half of those for new construction. “There is a construction boom in the city and almost all of the new development is in mid- and high-rise condominium projects,” he says. “Very few new single-family houses are being built.”

According to Muñoz, Cuenca is a viewed as a “safe haven” for home buyers as well as a secure investment. “Cuenca is the fastest growing large city in the country because of its low crime rate and many residents of high-crime areas, especially on the coast, are moving or investing there with the intention to relocating in the future,” he says.

He adds that Cuenca is desirable for other reasons. “Even before the crime problem emerged on the coast, the city was considered to have the best quality of life in the country, which explains why migrants returning from overseas, even those native to other cities, preferred Cuenca. It’s a place people want to be.”

In addition to local property purchases, Muñoz says market data shows a large number of purchases are made from outside of the country, mostly from the United States but also from Canada, Spain and Italy, Muñoz says. “Most of the foreign purchases are by Ecuadorians living overseas and they look at Cuenca the same way that Costeña buyers do.”

Like Muñoz, Cuenca real estate agent Gustavo Neira, believes that sales will continue to increase, at least into 2027. “There is a concern that the building surge will outpace demand, but I don’t this as a problem in the foreseeable future,” he says. “Cuenca is growing rapidly and many people have money to invest in real estate.”

Muñoz says he is concerned about the lack of construction of single-family residences and says that the focus on condominiums is creating a market imbalance. “Many people, especially families, are looking for houses, not apartments, and they want something new and modern and there are limited offerings in this market,” he says. “There is an adequate inventory of older houses, but these are undesirable for some buyers.”

Muñoz disagrees with claims that many new condos are being bought by criminal money launderers. “I hear this mostly on social media but I think it’s a very small factor in the market,” he says. “Buying real estate creates a great deal of paperwork that is easy to trace and there are easier ways to launder money. I doubt more than one or two percent of sales involve this kind of illegality.”

According to Muñoz and the Ecuador Association of Real Estate Brokers, more than 120 large multi-unit residential projects are currently under construction in Cuenca or have plans to begin construction before the end of 2026.